Universal Products Company has almost nished its pro forma nancial statements for 2022, as shown next.

Universal Products Company
Financial Statements, 2021 and Pro Forma 2022 ($ thousands)
INCOME STATEMENT
	Actual	Forecast
	2021	2022
Sales	$ 7,500	$ 7,900
Cost of goods sold	5,800	6,100
Operating expense	700	700
Depreciation expense	250	260
Interest expense	90	120
Earnings before tax	660	720
Tax	231	252
Net income	$ 429	$ 468

Universal Products Company
Financial Statements, 2021 and Pro Forma 2022 ($ thousands)
BALANCE SHEET
	Actual	Forecast
	2021	2022
Current assets	$ 3,800	$ 4,050
Net xed assets	3,000
Total assets	$ 6,800
Current liabilities	$ 1,150	$ 1,270
Long-term debt	700	500
Owners equity	4,950
Total liabilities & equity	$ 6,800

1. Assume that Universal plans to purchase $700,000 in xed assets during 2022 and to dispose of no xed assets during 2022. What would be its forecast for net xed assets in 2022?

2. Assume that Universal plans to have a dividend payout ratio of 50 percent in 2022 and will neither sell nor repurchase equity during 2022. What would be its forecast for owners equity in 2022?

3. Given the assumptions in questions (a) and (b), what is Universals projected external funding required for 2022?